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Pharma firm’s turnover edges towards £40m

A North Tyneside-headquartered pharmaceutical manufacturer which was acquired last year has doubled profits and edged sales towards the £40m mark, leaving it in a strong position to implement its growth strategy.

 

The company is also benefitting from the significant sales potential of a number of new products currently under development and a portfolio of opportunities being pursued.

 

Sterling Pharma Solutions specialises in contracts research and contract manufacturing for the industry, employing a workforce of about 330.

 

It was formerly known as Shasun Pharma Solutions but was renamed after the completion of a management buyout late last year.

 

For the year to 31 March 2017, the company reported turnover of £37.9m compared to £31.9m the previous 12 months.

 

Pre-tax profits were also up from £1.28m to £2.45m.

 

In a strategic report accompanying the results, Sterling Pharma attributed both its sales and profit improvements to the “successful execution of a clear business strategy”.

 

“SPSL continued to have excellent market traction, with all commercial performance indicators being exceeded in the year,” it said.

 

“Investment in research and development activity in 2016/17 continued at an above industry level, with a clear focus on developing processes ready for commercialisation in 2017/18.

 

“The company has continued to diversify both the customer and product base and has established a strong launched pre-launched pipeline, which currently comprises 33 launched products, 11 products in phase three development, 17 in phase two development and 11 in phase one.”

 

Sterling Pharma said that based upon its current order position, the “significant” sales potential of a number of new products under development and the large portfolio of new business opportunities being pursued, the directors are “confident that the company can deliver on its long-term growth strategy to increase sales and profitability”.

 

As originally published on InsiderMedia